The exact responsibilities of a Chief Marketing Officer (CMO) these days are difficult to define. That’s because the marketing industry has a history of being unpredictable, particularly over the last few decades, as consumer attitudes and technological advancements have undergone significant change.
The job and responsibilities of the CMO have changed significantly in the previous ten years due to the rise of mobile, social media, analytics, and Customer Relationship Management (CRM). The CMO role has become immeasurably more challenging and complex as a result of increased complexity, disruptive technologies, and customers who are more savvy and distracted than ever.
In the most recent CMO Survey conducted by the Fuqua School of Business and Deloitte, 81% of participants stated that the role of marketing has expanded over the previous five years, and 11% said that it had grown significantly.
What traits are necessary for today’s marketing leaders to succeed in the long run? What exactly is a CMO, and what distinguishes successful CMOs from those who fail in a couple of months?
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They have analytic and exploratory skills
Data is frequently what drives marketing. However, there is more data being generated now than anyone knows what to do with, thanks to improvements in computing and information collection. Because of this, CMOs that can sift through it all and identify the information that matters the most will quickly become key players in their enterprises.
A CMO should think like a combination of a scientist and a detective. They must have an eye for detail and be curious by nature. In order to improve their conclusions, they need also be prepared to carry out lengthy experiments and measure the outcomes.
The world is changing so quickly, especially in terms of marketing, that if marketers are not interested in picking up new skills, they will soon fall behind. However, this does not imply that they must be highly skilled data analysts. It’s more crucial that they have the desire to learn more and the capacity to locate reliable sources of information.
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They foster a culture of collaboration within the team
Marketing teams don’t operate independently. They must work closely together internally and with all other company-wide divisions, such as sales, customer success, and product development.
If marketers are like the majority of marketing leaders, they are looking for ways to have their team produce more while using fewer resources and less time.
CMOs that understand the value of collaboration for streamlining procedures, sparking creative ideas, and creating higher-quality work are able to construct marketing teams that move quickly enough to keep up with changing customer expectations.
A readiness to put in the effort
Respect has to be garnered in every field of the corporate world, including marketing. A CMO cannot only provide insight. They must get down in the trenches and work on developing strategies, evaluating new technologies, and creating user interfaces that will broaden marketing reach. A CMO can only do this if they want to create a cross-channel strategy and offer a vision for achieving company objectives. CMOs may entice teams to do the same by exhibiting self-assurance in their abilities and a desire to put in the effort.
Receptivity to new concepts and avenues
The days of merely marketing a product through direct mail or advertising are long gone. CMOs who are forward-thinking are experimenting with new ways to connect with customers and prospects. The most crucial competency for digital-first CMOs is the capacity to apply the scientific method to decide which channels are most efficacious for the company and how to allocate marketing budgets.
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